World Reach swings to $120k net loss

World Reach swings to $120k net loss

Communications equipment company World Reach (ASX:WWG) has swung to a $122,927 net loss in 1H10, on lagging sales and forex losses.

Revenue fell 29.3% to $4.1 million, due to lower-than expected sales of its new range of Beam accessory products to handset Iridium’s satellite phone model.

The company’s revenue from its US business – which represented around 60% of total sales – also fell significantly due to the weakened US dollar exchange rate.

But World Reach said sales picked up in the later months of the year, with the company securing contracts worth $1.5 million to supply data tracking equipment for Telstra and Japan’s KDDI.

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Tags hardwareTelecommunicationsfinancial resultsWorld Reach

More about IridiumIridiumKDDI AustraliaTelstra Corporation

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